Mission, aims and objectives Flashcards
What is meant by the mission of a business?
Its main corporate aims.
What is a mission statement?
A written description explaining the aims of a business.
What are corporate aims?
The long-term goals of the entire business.
What are corporate objectives?
The goals of a business as a whole.
What are functional/departmental objectives?
The specific goals set by different departments.
What is the hierarchy of the mission, aims and objectives?
Mission statement
Corporate aims
Corporate objectives
Functional objectives
What are the SMART objectives?
Specific
Measurable
Agreed
Realistic
Timely
What are some common business objectives?
Profit
Growth
Survival
Diversification
Social and environmental
What are the benefits of setting objectives?
To provide direction and to ensure that employees are working towards the same overall aim.
